Prime Minister Narendra Modi highlighted terror, climate change and recession as three major global challenges at a meeting with BRICS (Brazil, Russia, India, China and South Africa) leaders on the sidelines of the G20 Osaka summit on Friday, June 28.
PM Modi pointed out that discussion on terrorism is the need of the hour and countries must participate to combat its harmful effects. “Terrorism is the biggest threat to humanity. It not only kills innocents but also severely affects economic development and social stability,” he said.
With regards to development, the PM said that the global economy is largely driven by one-sided decisions and disputes felt by the entire system. “We should still focus on the World Trade Organisation (WTO) reform to achieve balanced development of the global economy and so this growth is open to everyone,” he said.
PM Modi pointed out five strategies on how BRICS nations can lead the way in addressing the global challenges:
- Reformed multilateralism by improving international financial and business institutions
- Access to energy as well as ensuring its security
- Coalition for disaster resilience infrastructure
- Ease of movement of skilled workers
- Hosting a global conference on countering terrorism
In 2012, the World Economic Forum had estimated that out of the 1,000 participants in the list of emerging corporate executives, a record 365 corporates were from BRICS nations. World Bank’s ‘Doing Business’ report also said that BRICS economies introduced a total of 21 reforms, including electricity acquisition and trading across borders. The countries also improved their average ease of doing business score despite various areas of business regulations.
The 2019 BRICS summit will be held in Brazil on November 13 and 14.
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